Bank of America Corporation $BAC Shares Acquired by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. lifted its position in shares of Bank of America Corporation (NYSE:BAC) by 18.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,442 shares of the financial services provider’s stock after acquiring an additional 17,960 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Bank of America were worth $6,338,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Legal & General Group Plc acquired a new position in Bank of America in the 2nd quarter worth about $2,571,060,000. Deutsche Bank AG acquired a new stake in Bank of America in the second quarter valued at approximately $2,359,172,000. Bank of New York Mellon Corp purchased a new stake in shares of Bank of America in the second quarter valued at approximately $2,313,953,000. Cardano Risk Management B.V. increased its position in shares of Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after buying an additional 22,621,546 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Bank of America during the 2nd quarter worth approximately $939,807,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Analyst support remains favorable. UBS maintained its Buy rating on BAC, while JPMorgan reiterated an Overweight rating, signaling continued confidence in the bank’s earnings power and valuation. UBS Keeps Their Buy Rating on Bank of America JPMorgan Reiterates Overweight Rating on Bank of America
• Positive Sentiment: Capital-markets activity could support fee revenue. BofA executive JD Moriarty said public markets can absorb potential mega-IPOs from OpenAI and Anthropic, reflecting strong demand for technology listings. A robust IPO market could benefit BofA’s investment-banking and underwriting businesses. BofA Sees Strong Demand for OpenAI, Anthropic IPOs
• Positive Sentiment: Customer-support and fraud-prevention initiatives enhance the franchise. BofA expanded fraud-education tools and webinars for small businesses, reinforcing its commercial-banking relationships, although the direct financial impact is likely limited. Bank of America Expands Fraud Education
• Neutral Sentiment: Earnings are the next major catalyst. BAC is expected to report results shortly, and investors will be watching net interest income, credit quality, investment-banking revenue and management’s guidance on interest rates. Bank of America Expected to Announce Earnings
• Negative Sentiment: Rate and bond-market concerns are weighing on sentiment. BofA strategist Savita Subramanian said bonds are competing more directly with stocks after a selloff driven by changing expectations for rate hikes to contain inflation. Higher yields can pressure bank bond portfolios and increase uncertainty around loan demand and funding costs. BofA’s Subramanian Says Bonds Compete With Stocks
• Negative Sentiment: Strategists are cautious about market concentration and evolving risks. BofA has warned that investors may be overexposed to AI-related spending and underestimating consumer weakness, while recommending hedges against a potential technology bubble. That defensive positioning can dampen risk appetite for large financial stocks. Bank of America Says Investors Are Overplaying AI BofA Analysts Discuss Tech Bubble Risk

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Truist Financial decreased their target price on Bank of America from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, October 1st. Royal Bank Of Canada boosted their price target on shares of Bank of America from $59.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $72.00 price objective on shares of Bank of America in a report on Tuesday. Finally, JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, October 2nd. Twenty equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.39.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.53 during mid-day trading on Wednesday, reaching $53.56. The company’s stock had a trading volume of 30,904,127 shares, compared to its average volume of 37,146,559. The stock has a 50-day moving average of $60.56 and a two-hundred day moving average of $56.45. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $374.53 billion, a P/E ratio of 12.28, a P/E/G ratio of 0.87 and a beta of 1.21. Bank of America Corporation has a 1-year low of $46.12 and a 1-year high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. Bank of America had a net margin of 17.56% and a return on equity of 12.20%. The firm had revenue of $31.56 billion for the quarter, compared to analyst estimates of $30.78 billion. During the same period in the previous year, the business posted $0.89 earnings per share. Bank of America’s quarterly revenue was up 19.6% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America Corporation will post 4.62 EPS for the current fiscal year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America’s dividend payout ratio (DPR) is currently 29.36%.

About Bank of America

Bank of America Corporation (NYSE:BAC) is a diversified financial services company serving individual consumers, small businesses, middle-market companies and large corporations. Its principal businesses include consumer banking, wealth and investment management, commercial banking, corporate and investment banking, and sales and trading.

Through its banking and financial services businesses, the company offers deposit accounts, credit cards, mortgages, home equity products, consumer and business loans, payment services, treasury management, brokerage services and investment advice.